Seniors are commonly told that reverse mortgages are not short-term loans. If an individual plans to move in the next few years, a reverse mortgage will probably not be his or her most economical option. In the past, seniors who planned to move in the near future did not have a reverse ... Views: 1077
Reverse mortgages are unique loans that give seniors the opportunity to withdraw a portion of their home equity and defer payment until their home is sold. Unlike other loan products, these loans carry strict age requirements. To qualify for a reverse mortgage, borrowers can be no younger than ... Views: 1004
Many consumers think of lenders as the enemy. They are the ones charging expensive fees, giving borrowers high interest rates and, when it comes to reverse mortgages, taking advantage of seniors. Fortunately, this could not be farther from the truth.
Reverse mortgage lenders are a senior’s ... Views: 1259
Many senior homeowners have spent years building equity in their homes. In fact, some seniors have put so much money into their homes that their retirement savings is not quite where they hoped it would be. To supplement their savings, seniors are now choosing to use their home equity to fund ... Views: 994
What is a reverse mortgage? This question is one commonly asked by retirees and pre-retirees looking for ways to add to their retirement savings. According to a recent article in the Washington Post, reverse mortgages “can be a good option for seniors,” sometimes even more favorable than ... Views: 891
Home Equity Conversion Mortgages, or HECMs, are insured and regulated by the federal government. Because these loans are so strictly regulated, many seniors are under the impression that all lenders offer the same experience. While lenders are limited in the fees they are allowed to charge their ... Views: 878
A reverse mortgage is a loan that allows senior homeowners to convert a portion of their home equity into cash. Unlike conventional mortgage loans, which require borrowers to make monthly payments to their lender, these loans actually pay the borrower. Borrowers are not expected to repay their ... Views: 794
history of reverse mortgages is substantially more interesting than many would think. While reverse mortgages have only become popular in the past 15 years, these loans have actually been around for decades. Contrary to what naysayers often say about these loans, reverse mortgage history is ... Views: 916
While reverse mortgages sometimes make headlines, consumers can rarely find up-to-date information in their favorite newspapers and magazines. To make up for the lack of mainstream news, seniors can get the latest information by following a reverse mortgage blog. For those who have fallen behind ... Views: 816
Before tapping into one’s home equity, seniors should carefully consider both the pros and cons of a reverse mortgage. While these loans benefit many borrowers, it is important for seniors to consider all of their different options. To help determine whether a reverse mortgage might be in a ... Views: 903
One of the best ways to get up-to-date information is to follow a reverse mortgage blog. While not every blog is created equal, many are written by experienced specialists currently working in the industry. Following a reverse mortgage blog will help seniors get the latest information on ... Views: 956
As the baby boomers enter retirement, an increasing number of consumers are looking for reliable reverse mortgage information. A reverse mortgage is a unique loan that lets senior homeowners over 62 years of age borrow a portion of their home equity. Read on to discover two things you need to ... Views: 986
One of the greatest benefits of reverse mortgages--besides the fact that they provide seniors with additional cash through retirement--is that they are easy to qualify for. During retirement, many seniors rely on Social Security and savings to cover their expenses. With a limited income, it ... Views: 839
According to a national survey conducted by AARP in 2006, 97% of seniors were very satisfied with the results of their reverse mortgage. Of the seniors surveyed, only 3% did not believe their loan had a positive impact on their financial stability. Looking at these statistics, it is obvious ... Views: 807
What is a reverse mortgage? These days, this question is one that many consumers find themselves asking. In short, a reverse mortgage is a loan that allows senior homeowners to borrow against their home equity. To qualify for a reverse mortgage, seniors must be at least 62 years old, reside ... Views: 830
What many consumers fail to realize about reverse mortgages is that these loans can be used to purchase a home. Through the reverse mortgage for purchase program, officially known as the HECM for Purchase program, consumers are able to use federally-insured reverse mortgages, or HECMs, to ... Views: 843
For seniors short on cash but rich in home equity, reverse mortgages offer a very unique opportunity. Reverse mortgage loans give seniors, ages 62 and older, the opportunity to convert some of the equity in their home into cash. Through a reverse mortgage, seniors are able to repay their ... Views: 2568
Reverse mortgage loans are somewhat controversial loans. While most experts recognize the obvious benefits that these loans offer, some also warn consumers to tread carefully. The decision to obtain a reverse mortgage is not one that should be taken lightly. While seeking reverse mortgage ... Views: 790